# Jeetendra Daryani, Resolution Professional of Kosas Industries Private Limited vs. Kosas Industries Private Limited

> NCLT judgment dated 2026-06-10. Citation: TCN-2026-NCLT-00573. The present application was filed by Mr. Jeetendra Daryani, Resolution Professional (RP) of…

- **Court:** NCLT
- **Order date:** 10 Jun 2026
- **Citation:** TCN-2026-NCLT-00573
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/jeetendra-daryani-resolution-professional-of-kosas-industries-private-limited-vs-34l5c

## Summary

### Background

The present application was filed by Mr. Jeetendra Daryani, Resolution Professional (RP) of Kosas Industries Private Limited (Corporate Debtor), seeking the commencement of the liquidation process. The underlying Corporate Insolvency Resolution Process (CIRP) was initiated based on a Company Petition filed by State Bank of India, which was initially rejected due to limitation, then allowed on appeal by NCLAT, and subsequently restored by the Tribunal. After the admission of the petition and appointment of the Interim Resolution Professional (IRP), public announcements were made, Expressions of Interest (EOIs) were invited, and resolution plans were received. However, the Committee of Creditors (CoC) ultimately rejected all resolution plans and passed a resolution with

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## Facts

Mr. Jeetendra Daryani, Resolution Professional (RP) of Kosas Industries Private Limited (Corporate Debtor), filed an application under Section 33(1) of the Insolvency and Bankruptcy Code, 2016 (the Code) for commencement of the liquidation process of the Corporate Debtor.

The present Company Petition bearing CP (IB) No. 1446 of 2020 was originally filed under Section 7 of the Code for initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

The Company Petition was rejected by the Tribunal vide order dated 09.02.2023 on the ground that the application was barred by limitation.

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Kosas Industries Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, mandates the Adjudicating

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**Reasoning:** The Committee of Creditors (CoC), in its 13th meeting, rejected the resolution plan and

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**Interpretation:** The Adjudicating Authority's role in such circumstances is primarily to

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**Application:** Given that the CoC has passed a resolution for liquidation with an 87.31%

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** State Bank of…; Jeetendra D…
- **Respondents:** Kosas Industries…
- **Other parties:** Committee of…; SIDB…; +4 more
- **Advocates:** Shavez…; A & G Legal…; +2 more

## Timeline

- **2023-02-09 — Company Petition…**: The Company Petition (CP (IB) No. 1446 of 2020) was rejected by the Tribunal on the…
- **2023-09-14 — NCLAT Appeal…**: The Financial Creditor's appeal (Company Appeal (AT) (Ins) No. 472 of 2023) was allowed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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